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Diesel scam: Volkswagen investors seek $11bn in damages

by LLB Reporter
10th Sep 18 12:51 pm

Volkswagen has gone on trial in Germany today where its investors are seeking €9.2bn ($10.6 bn) in compensation, arguing the carmaker should have informed shareholders earlier about its diesel emissions scandal in 2015.

Shareholders representing 1,670 claims are seeking compensation for a slide in Volkswagen’s (VW) share price triggered by the scandal and has cost the firm €27.4bn in penalties and fines so far.

“VW should have told the market that they cheated and generated risk worth billions,” Andreas Tilp, a lawyer for the plaintiffs, told the Braunschweig higher regional court.

“We believe that VW should have told the market no later than June 2008 that they could not make the technology that they needed in the United States.”

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